Yasho Industries Limited (BSE: 541167) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Parag Jhaveri — Managing Director & CEO
Chirag Shah — Chief Financial Officer
Analysts:
Unidentified Participant
Nikunj Seth — Analyst
Parth Agarwal — Analyst
Manish Gupta — Analyst
Naeem Patel — Analyst
Pujan Shah — Analyst
Aditya Khandelwal — Analyst
Presentation:
operator
Sam. Ladies and gentlemen, good day and welcome to the Q3FY26 earnings conference call of Yasho Industries Limited hosted by MUFG End Time. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nikon Sheth from MUFG in time. Thank you. And over to you sir.
Nikunj Seth — Analyst
Thank you. Sopnali. Welcome to Yesho Industries Q3 FY26 earnings conference call. From the management today we have Mr. Parag Zaveri, Managing Director and CEO and Mr. Chandra, CFO. Before we proceed to the call, I would like to give a small disclaimer that a call may contain certain forward looking statements which are based on business operations and expectations of the company. As of today, a detailed disclaimer has been given in the company’s investor presentation which was uploaded on the stock exchange. Now I would request give his opening remarks over to you sir.
Parth Agarwal — Analyst
Good afternoon everyone. Thank you for joining the Yashwa Industry Q3 and Q4FY26 earnings conference call. We appreciate your continued support and engagement. I hope you must have read had the opportunity to review our results and the initial presentation shared earlier the third quarter mark a period of steady and a broad based improvement for the company supported by healthier demand condition, stronger volume traction. For the nine month period, revenue stood at 583.76 crore rupees reflecting 19% year on year growth. Despite an environment of continued pricing volatility across certain products categories across global market, customer sentiment is gradually improving although some regions continue to experience macroeconomic challenges and industry wide headwinds.
Even in this backdrop, demand for our key product group has remained stable which is evident in strengthening volume momentum witnessed during the quarter In Europe. The evolving India EU trade environment has supported improved engagement across multiple end use industries. Our European subsidiary now benefits from strong demand visibility for the coming year positioning us for accelerated growth and deeper penetration in this strategic region. Operationally, while our Pakhajal facility continued to operate below optimal utilization, the impact on margin was effectively contained. This was achieved through a combination of product mix refinement improved throughout efficiency and disciplined cost control initiatives.
As a result, we delivered an EBITDA margin of 17.06% for the nine month period. Our Pakhajan R and D center continue to strengthen our innovation pipeline through customer Specific developments, application trial and a new chemistry positioning us to scale, differentiate and value accretive chemistry in the year ahead on the Growth Investment Fund. Our strategic manufacturing project with large MMC is progressing as planned so estimate cost of the project is approximately 85 to 90 crore which will be fully funded by customer and we have already received an advance of rupees 19.9 crore. Equipment deliveries are expected to begin in Q2FY27 with commercialization target for Q1FY28.
In parallel, as part of our capacity announcement initiative, we have deployed rupees 25.9 crore towards two manufacturing lines focused on high visibility product categories with sustained demand. Trial runs for these lines are expected to begin in March 26th and commercial production is planned for Q1FY27. Looking ahead, our long term strategy under continue to gain momentum with the commissioning of two new lines and execution of LPHL project. We expect scale of our revenue in FY28 to approximately rupees 1500 crore at around 40% utilization of available space at Pakhajan facility. The facility infrastructure is already equipped to support 15 to 25% annual growth over the long term and we expect a 4 to 1 revenue to capex ratio for incremental investments FY26 and FY27.
We remain confident of sustaining our growth trajectory supported by strong volume momentum, improving domestic demand, greater geographic diversification and stable improvising margin. A sharp focus on cash flow generation, working capital discipline and operational excellence will remain central to our execution. Despite ongoing global uncertainty, we believe Yashua Indices is well positioned to build a stronger and more resilient platform for growth as we move into FY27 and beyond. Now I invite our CFO Mr. Chirag Shah to take you through the detailed financial update.
Chirag Shah — Chief Financial Officer
Good afternoon everyone. I will take you through the key financial highlights for the quarter and nine months ended FY26 revenue for the quarter stood at 201.83 crores reflecting a 35% growth year on year. The improvement in profitability continued as well with the quarter delivering an EBITDA margin of 16.65% driven by sourcing efficiencies, operational discipline and improved plant level productivity. Cash flow optimization remained a key priority this quarter. We continued tightening inventory practices, enhancing receivable collections and synchronizing production cycles with order visibility. These measures are progressing well and have supported a gradual reduction in working capital intensity.
As we move into Q4 we anticipate further improvement in the working capital days. On the balance sheet front, our gross debt Levels are expected to stabilize in the coming quarter. Reducing leverage continues to be the central financial priority and we remain focused on lowering our debt to EBITDA multiple to improve profitability, controlled capex deployment and strong cash generation from operations. With healthier demand visibility, improving margin resilience and ongoing focus on cash flows and balance sheet strength, we believe our company is well positioned to deliver consistent profitable growth over the coming quarters. Thank you and we now welcome your questions.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles participants. You may press Star and one to ask a question. We have the first question from the line of part Agarwal from Bastion Research. Please go ahead.
Parth Agarwal
Hi. Thank you for the opportunity. I just two, three questions. So one is can you just help understand the reason for you know, gross margin compression? If I look at sequentially or on a yoy basis, is it related to. Because of the tariffs we have taken some, you know, directed on our books or if there’s something else to it.
Parag Jhaveri
This is purely due to the change in the product mix. Also we went into the diversified market geographically so that has changed for last quarter little deep in the profit margin.
Parth Agarwal
So this quarter we had strategically sold low margin products. Is that understanding correct?
Parag Jhaveri
Yes.
Parth Agarwal
And why is that?
Parag Jhaveri
Well, that depends on the customer demand.
Parth Agarwal
Okay, got it. Okay. Secondly, so considering market, you know, Darius has been reduced to 18 19% down in the U.S. so are you seeing an uptick in inquiries for this month and this quarter?
Parag Jhaveri
Well, we started seeing a discussion but to it will take a while to convert into the reality because yet it is not been notified. Only the 25% has been notified of but the balance 25% is not yet back to 18% so far. People may like to wait and watch.
Parth Agarwal
Okay. Okay. And also, you know, we had some inventory backlog last quarter so I’m assuming.
Parag Jhaveri
It’S yet to be cleared out. We see that the quantum is moving quite well. Okay, we are, we do we know that the sum of inventory has built up because we only need to operate the plant at certain efficiency and looking at the visibility of the future order we have built up the stock.
Parth Agarwal
Got it. Just a sign, a last question from my side. So in your presentation you mentioned around, you know, you’re working with some of the MNC customers with large revenue potential. So can you just highlight something more like some opportunity, size of molecule or anything else that you can give around it?
Parag Jhaveri
No, I don’t think so. Because as part of NDA we are not supposed to disclose much more information on the matter unless until we start the commercial production. So I’m sorry for that. I cannot give you more insight.
Parth Agarwal
Sure. Okay. Thank you. Thank you so much and best of luck for the future.
operator
Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. We’ll take the next question from the line of Manish Gupta from solidarity. Please go ahead.
Manish Gupta
Thank you for the opportunity. I just wanted to check in your presentation you had mentioned that by FY28 now we have capacity for a revenue potential of 1500 crores. In your opening statement did you mention a revenue guidance of 1500 crore by FY28 or was that capacity guidance?
Parag Jhaveri
Well, that is a potential by FY28 with the kind of debottlenecking whatever we did and so that is what we expect by FY28 we should achieve that revenue.
Manish Gupta
Isn’t that a very aggressive guidance? I’m saying let’s assume we end this year about whatever 800, 850, you know, for the full year. You know, 850 going to 1500 crores. You know, despite a tough environment. You know, it’s like you’re really sticking your neck out over here. Right?
Parag Jhaveri
I mean I know it is a challenging but there are two factors. Money span. Number one, company will have a grow with its existing capacity which we could not achieve the full utilization in FY26 what we anticipated. We expect that to happen in FY27 plus in FY28 we will have a this long term supply agreement, revenue kicking in. So looking at the combined growth of that we are, that’s what we are expecting, a potential of 1500 crore. We are not saying that we will achieve but there is a potential to achieve that. With the existing investment in our capex.
Manish Gupta
And this 1500 crores can one assume a blended margin of about 18% on this as peak potential at least?
Parag Jhaveri
Yeah, we do see. My guidance will be still going to be between 17 to 19%. We are able to maintain on and above 17% as of today. And we hope with the improvised utilization of the plant we will be able to achieve a one one and a half percent additional margin.
Manish Gupta
Okay. And you know, given that the US tariff was fairly out of the blue and you know We’ve got a president who might again change his mind. How are you de risking the business from, you know, any random action by somebody so that we don’t have so much of impact on the business. Can you talk a little bit about what actions the company is taking on that front?
Parag Jhaveri
Absolutely. That’s a good value. Very good and valid question to understand the strategy. So what we have done is the number of measures we have done. We are looking at a different geography where Rashford never looked at it. South America, Africa region. Also in Asian market we were not so gung ho where we are which is very close to the another Asian giant. So we were a little bit reluctant. Now we are moving into all this market and somewhere there we do not have the same margin as much as what we gain into the North America market margins.
So we are diversifying our market in a different zone. Number two, we are churning the our product mix as what we can sell in this new market, new potential market. That is what helping us. And number three, thanks to our strong R and D we are still further streamlining the process. And as the plant is getting more efficient, more efficient, we are able to do the cost saving on a number of front. So with the three approach we feel and we strongly believe that we will be able to overcome this current crisis of FY26 and FY27 will be robust for Yasho.
Manish Gupta
Can I ask a few more questions or my other colleagues might be on the line.
Parag Jhaveri
Maybe one more, one more and then you can come back to land.
Manish Gupta
Okay, sure. Yes, sure, sure, sure. So you know, can you talk about the. The incremental RD investments that we are doing? Pragbai, are these principally in existing areas rubber and loop or are these in some other industrial chemicals? And I think the broader question is how. What’s the framework you are using to decide which product categories you’re focusing on in R D?
Parag Jhaveri
That’s something difficult. But I can give straight answer that we are looking for a molecule which can at least generate 25 crores revenue a year. At least or more, number one. Number two, we are looking for a chemistry application beyond rubber and lubricant also. So that’s how we see that our specialty segment, the performance chemical segment is growing at a healthy speed. Also we have a lot of customers coming on to us for a special chemistry to develop for them. So R and D is working on a multi pro multiple projects on something similar chemistry, something different chemistry, something altogether different which has just never ventured into it.
Manish Gupta
Okay, I’ll come back. Thank You. Thank you.
operator
Thank you. A reminder to all the participants, you may press Star and one to ask a question. We have the next question from the line of Naim Patel from Bastion Research. Please go ahead.
Naeem Patel
Hi. Thank you for this opportunity. I just wanted a quick question on impact of tariffs on our revenue. You know the 50% receptor tariff was still in Q2 and if those tariffs were not in the present, they were normalized like our current situation. What would have been our sales in Q3?
Parag Jhaveri
Sorry, I didn’t get your question.
Naeem Patel
Yeah, sorry. So if in the current quarter in Q3 there were no tariffs, no heavy tariff which we had this quarter, how much impact on that sales would would it have been?
Parag Jhaveri
Well, there would have. The tariff would not be there. Also the margin could have been better. But I say basically as well, the tariff has helped us to look beyond comfort, market comfort. When I say that the language point of view, accessible point of view that is helping us to diversify our portfolio. So we are happy. And with now guys almost on the way out, we expect reasonable growth back with our market. In Yasho, the US market share was more than 30, 35%. To regain that.
Naeem Patel
Understood. And just to follow up on that, how much revenue from us did we have in Q3?
Parag Jhaveri
And then it’s about, roughly about I don’t have from USA but I have from Americas because I don’t. So that is about 20, 22%.
Naeem Patel
Understood. Thank you. That’s all from my side and thank you.
operator
Thank you. A reminder to all the participants, you may press Star and one to ask a question. We have the next follow up question from the line of Manish Gupta from Solidarity. Please go ahead.
Manish Gupta
If you had 22% revenue from the US in Q3, can you share America, not US. Yeah. So I mean whatever the number was from the US I’m not fussed with that percentage number. What I wanted to understand is that if you had X core of sales from the US in Q3 was this was the burden of the tariff shared between you and the or you absorbed it or the buyer absorbed it. How did that work?
Parag Jhaveri
Okay, so the lot of. A lot of product of Yasha has a had an exemption on a tariff. So USA custom has not put a cost of blanket across the board. But they have a lot of exempted product and the business revenue. What we have currently on the product where it has been exempted. But wherever there is a 50% tariff, we have a very small business.
Manish Gupta
So just so that I’m clear, where there was tariff you had very small business in the quarter or product range was such that it was already exempted from tariff. And therefore the tariff did not have an impact.
Parag Jhaveri
Well, the lot of product where there’s a type of 50% we have a very limited business. And where the product on which there was no time, we had a business continuation.
Manish Gupta
Okay. And you know like this contract that you signed with this particular MNC. Are you in discussions with other MNCs for such agreements?
Parag Jhaveri
We are in discussion with multiple customers. This customer has been disturbed because those machines involved. We were supposed to get the money from them to build up the plant. So that will be disclosed. Otherwise we don’t have policy to disclose about our ongoing business. And. But let me assure you we are working with all major players in the field. Rubber and lubricant.
Parag Jhaveri
Okay. Okay. That’s. That’s. This was useful.
Manish Gupta
Yeah. Thank you. Hello.
operator
Yeah, thank you. Sir, we have the next question from the line of Poojan Shah from Molecule Ventures. Please go ahead.
Pujan Shah
Hi sir. Thanks for the opportunity. So first question. Just want to understand the dynamics right now. So whenever. So there was a tariff impact and the customer might be have waited all along to clear all this first. But in that scenario, do you have seen any certain company which have started aggressively building the capacity assuming that tariff will remain and ultimately there is a high scenario or a probability of getting dumping. Even the countries have higher tariffs. So do you have seen any such type of conditions out there or it is not happening?
Parag Jhaveri
No, we have not seen that so far.
Pujan Shah
Okay, okay, got it. Got it. And sir, just wanted to understand if you can spell out the right now the capacity utilization of Pakhajan. Because if we consider a growth of from 800 crores to 1500 crores. You mean that the.
Parag Jhaveri
That that is 18. 1500 crore will be happening in next two years time? Not in one year time.
Pujan Shah
Yeah, yeah, yeah, I understand. I understand that 100%. But obviously utilization will also take time in certain things. So do we do so right now what we are seeing is that 40% utilization out there. 40 to 45% in pakajar.
Parag Jhaveri
Yeah. Because of the since Q2 pakajal questions dropped below 50%.
Pujan Shah
Okay, okay, okay, got it. And after all this government has already obviously the tariff has been now almost being done. So just wanted to understand. Are we seeing the opportunities, the similar opportunities considering the 150 crores of OMC. Are we seeing any RFQs coming up with different companies altogether just to build the similar line of things or altogether new product ultimately with us?
Parag Jhaveri
Absolutely. And that is. That is what Giving us confidence that in next two years we could achieve this number.
Pujan Shah
Got it sir. Any. Any. Sir, just wanted to last question would be any. Just any plans on to reduce our long term or short term debt any concrete plants in next two years?
Parag Jhaveri
No. But we will be bringing down the debt to EBITDA ratio that I can assure you. Yes, I’m not. I’m not in a favor of reducing the overall debt over that. Reduce in terms of long term, short term increases. But it won’t increase from here. That’s what we’re trying to say.
Pujan Shah
Got it sir. Thank you so much. I rejoined thinking to thank us.
operator
Thank you. We have the next question from the line of Harshal Bayani, an individual investor. Please go ahead.
Unidentified Participant
Hello, can you hear me?
Parag Jhaveri
Yes.
Unidentified Participant
Yeah, hi. Thank you for the opportunity. So my question is in this for the nine months what would be our days of inventory?
Parag Jhaveri
Right now it’s about 200. Okay. No, I. That is working capital days of inventory but 170 total.
Unidentified Participant
Okay, got it.. Next question is. Hello. Yeah.
operator
Hello Harshil, please proceed with your question.
Unidentified Participant
Yeah, actually I forgot. I’ll get in the queue sir.
operator
Thank you. We have the next question from the line of Jay from Star Investment. Please go ahead.
Unidentified Participant
Hi sir. So what is the optimal production capacity planned for the Pakhajan plant? What peak revenue contribution do you expect once that capacity is fully utilized? And by what timeline do you anticipate reaching this optimal level of operations?
Parag Jhaveri
We are expecting optimal level regression 80, 85% by FY28. And the revenue should be in the range of about 750 to 850 crores. Depend on the market condition.
Unidentified Participant
Okay. And my second question like with the India EU Free Trade Agreement now signed and are European subsidiary established. What level of demand visibility can we expect for the next fiscal year? And which geographies should we prioritize for sales expansion to maximize the growth opportunities?
Parag Jhaveri
See the number one Europe should be definitely benefited to us because under the treaty what we realized that the chemical has been brought down to zero percent. But we have to wait and watch when that happened. So and also for Europe we have our two sales people based in Europe are reaching out to customers. They come on board in last six months on Yaso board. So we are very very encouraged. And the kind of customer response we are getting now from the market is very positive. We are hopeful. Number two, we are also expanding into the South America.
That’s America’s part of America and Africa market. That’s our diversification point of view. We have a good Green road into the Americas market like Central America, South America while Africa it’s just beginning. Let’s see how far means how far we can grow.
Unidentified Participant
Okay, thank you sir. I’ll thank you if I.
operator
Thank you. We have the next follow up question from the line of part Agarwal from Bastian research. Please go ahead.
Parth Agarwal
I thank you for the opportunity. Again, just one more question around the competitive intensity in the additive market. So as per my research it suggests that there’s a Chinese competitor who is basically expanding massively in this space. Are you seeing any kind of, you know, pricing disruption because of that? Because their capacity is expected to go live in FY27 as well.
Parag Jhaveri
We know them, we know the what competitors are coming up and we know the pros and cons of that. Those competition arising from other Asian countries. And we are well prepared for that. I can say that much cannot diverse much more information.
Parth Agarwal
So we are not expecting any negative implication because of that on our product portfolio.
Parag Jhaveri
It will be tough competition, I can say that much.
Parth Agarwal
Okay, got it. Thank you so much.
Parag Jhaveri
Thank you.
operator
Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next follow up question from the line of Harshil Bayani, individual investor. Please go ahead.
Unidentified Participant
Yeah. Thank you for the opportunity. My second question is what is our capex for this nine months and capex planned for next two years excluding the Europe MNC capex.
Parag Jhaveri
Well, this year we had done a capex of about 60 crores, 25 crores. You know two lines where we saw the demand coming and another 25 crore we spent in RD. So that’s about 5560 crores. Balance will not be deferred over capex. Even though we had a plan. Looking at the current condition, if you see if it. If you see that the things are getting improvised we will definitely go ahead with that balance.
Balance capex what we have not done for FY26 and go ahead in FY27.
Unidentified Participant
Okay, thank you. And sir, what is our current borrowings excluding the promoter loan? 60 crore something. Yeah. This is excluding the promoter loan or including promoter loan. What is the outside loan? Outside that bank loan. Okay. Bank loans are about 500 crores and balance 50 crores come from the promoters. Okay sir. Okay. Yeah. Thank you. Thank you.
operator
Thank you. We have the next question from the line of Aditya from Securities Investment Management. Please go ahead.
Aditya Khandelwal
Yeah. Hi sir. Thanks for the opportunity contract which we won from the MMC customer. So just wanted to get a sense. Is it common in this Industry where the customer funds the capex. Because generally I understand these kind of deals generally happen in a case of a pharma segment where there are new molecules where the customer would like to fund the capex. So is this capex being done for a new kind of additive or these are. These are older products only and the customer just wants stable supply. Just some sense if you could provide what helped us with this contract.
Parag Jhaveri
I don’t know much on that. What is the customer mindset but I can say this is very unique molecule has a unique process. So that’s. And we had a capability to manage that kind of thing. So that’s why customer has chosen Yasho as a partner, long term partner.
Aditya Khandelwal
So is this a new kind of an additive or these are older editors which are common in the market.
Parag Jhaveri
Thank you. I can’t give us a more light on it. So. Hello. I cannot give more insight on this molecule.
Aditya Khandelwal
So my next question was if I look at domestic market for the last two quarters we have seen very strong growth. If you could just help us understand what is leading to this growth.
Parag Jhaveri
As I said we are identifying lot of new markets that is growing also in India. We are able to continue our growth particularly in Q3. We could increase our reach out to the customer much more. Was a aggressive strategy on pricing and demand in India. We’ve seen it’s been improving day by day not only in India but also somewhat into the consumer segment too. That is helping us to continue the growth in volume.
Aditya Khandelwal
Understood and just wanted to get up at a sense. So is it majorly led by lubricants or a rubber additive? Just some sense.
Parag Jhaveri
If you could provide both.
operator
Thank you. We have the next question from the line of Preeti Agrawal from SK Associates. Please go ahead.
Unidentified Participant
Yes, thank you so much for the opportunity. I wanted to know that given our increasing strategic emphasis on the industrial segment could you provide clarity on what percentage of total sales you expect in this segment to contribute over the next two to three years?
Parag Jhaveri
Yeah. Right now we are about 85 to 90% industrial will eventually go to 90 to 95% in next year’s time. That’s what we expect because consumer will remain flat or will have a degrowth further degrowth.
Unidentified Participant
Understood sir. Thank you so much.
Parag Jhaveri
Thank you.
operator
Thank you. We have the next follow up question from the line of Manish Gupta from Solidarity. Please go ahead.
Manish Gupta
Another clarification. If I exclude the consumer segment, so my question is just on the industrials. Would the gross margin change, can that be explained completely by product mix change? Or did you also have to do some discounting to push volume from the new plant?
Parag Jhaveri
Well, it’s more from a product mix and I will say 80% from product mix and 20% from discount.
Manish Gupta
And so when you say is bulk buying then it’s really a volume link discount.
Parag Jhaveri
Yes.
Manish Gupta
Okay, great. Second question is. You know you offered a guidance of roughly 1500 crores by FY28. Would you be able to split that? You know, I guess you’re close to the end of the year. How much you will finish this year by approximately. Even broad range is okay.
Parag Jhaveri
We will look somewhere this year. Should close somewhere about 800. Yeah.
Manish Gupta
And next year would be how much stuff you do.
Parag Jhaveri
We are in process of doing budgeting and I think I will have a more clarity from my global team as well as my local team in the next couple of weeks.
Manish Gupta
So the FY28, 1500 crore is really an aspiration, right? It’s really not a guidance. Right. It’s really what you would like to do or you have full capacity to do. It’s not a number I can say.
Parag Jhaveri
Manish bhai, that’s the potential to achieve with 80% utilization of the Yaso capacity.
Manish Gupta
Okay. Yeah. Thank you.
Parag Jhaveri
Thank you.
operator
Thank you. We have the next question from the line of Manjit Buria. Tom Samya advises. Please go ahead.
Unidentified Participant
Thank you for taking my question. Just one there. You know, two years out of whenever our Pakhasan reaches optimal utilization. What is your expectation between the mix of you know spot market versus sales via long term contracts to some large customers globally. Your expectation whenever we are at full utilization.
Parag Jhaveri
Well, we will be our aspiring to have a long term contract to fill this kind of capacity. And we are working on that. So that gives the confidence.
Unidentified Participant
Sorry, meant like would majority of our sales at that point be long term contracts when we reach full utilization or there’ll be a meaningful touch from spot market.
Parag Jhaveri
It will be a 60 to 70% long term contract. 30% will be spot.
Unidentified Participant
Okay. Thank you sir. That was my question.
Parag Jhaveri
Thank you.
operator
Thank you. A reminder to all the participants. You may press star and one to ask a question. A reminder to all the participants. You may press star and one to ask a question. Thank you very much. As there are no further questions from the participants. That concludes the question and answer session. I now hand the conference back to the management for closing comments. Thank you. And over to you sir.
Parag Jhaveri
Thank you everyone joining for this conference call. Have a good day.
operator
Thank you. Members of the management, on behalf of Yasho Industries Ltd. That concludes this conference. Thank you all for joining us. And you may now disconnect your lines.